| Goldman Sachs announced a new class of partners this week, awarding partner status to 60 people worldwide. Seven out of the 19 new partners in the investment-banking division came from the TMT (technology, media, and telecommunications) group. You can see the full list here. Reed Alexander and Dakin Campbell chatted with some of the brand-new partners to learn what it's like to get the call inviting them to one of Wall Street's most exclusive groups. Here's a peek: When Nick Pomponi, a cohead of global software investment banking, received the call from Solomon on Thursday morning, he knew it was someone from inside Goldman Sachs based on how it was identified on his phone: No Caller ID. "I was downstairs with my wife and kids and the phone rang," he said. "So I quickly scooted upstairs and we had a quick chat." "He said, 'Congratulations, welcome to the partnership,'" Pomponi said. "I think my wife was shooshing everybody, all my kids around the house." If you're not yet a newsletter subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.
From Dakin Campbell and Casey Sullivan: When Vista Equity Partners' founder Robert Smith admitted last month to years of evading taxes, one of the industry's big questions was whether Smith's admission would hurt the firm's fundraising efforts. As one of the world's largest-private equity firms, Vista collects money from pension funds, foundations, endowments and sovereign wealth funds, among others, who use a high bar to judge the moral character of the investment managers they entrust with their money. There's new evidence to suggest that at least one manager has: the New Mexico Educational Retirement Board, charged with overseeing the state's $14 billion pension fund for public-school and higher education employees. Read the full story here.
From Rebecca Ungarino: You've heard of the war for talent in different corners of financial services, especially between high-flying startups and Wall Street institutions. A similar battle is unfolding between traditional firms and family offices, the privately held, loosely regulated wealth managers for the world's richest individuals and their families. After placing some searches on hold earlier this year as the pandemic introduced layers of uncertainty, many family offices are again looking to hire fresh talent or reassess their staff, executive recruiters said in interviews. They are looking to grow their direct-investing and private markets capabilities, poaching investors, and wealth advisors from private equity firms and private banks. Read the full story here.
From Dan Geiger and Meghan Morris: Knotel, a flexible-workspace firm that once held ambitions to overtake WeWork, is seeking to dramatically downsize its business as it tries to recover from the pandemic and improve rocky financial performance that predated the virus crisis. In a slide from a recent internal presentation viewed by Business Insider, the company stated that it will seek to cut back its global portfolio of 4.8 million square feet by 60% in the next six months and will aim to shed over 80% of the 3.4 million square feet it leases in the US and Canada. By seeking to downsize its presence in the US and Canada so dramatically — to around just 500,000 square feet — the firm indicated that it hoped to reduce the rent it owes in those markets from $15 million a month to $2 million. You can see the full story here.
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